Glycomine's $115M Series C Boost to Advance GLM101 Trial
Deal News | Apr 16, 2025 | Abingworth LLP
The biotech firm Glycomine, Inc. has secured $115 million in Series C financing to advance its leading drug candidate, GLM101, into a Phase 2b clinical trial. GLM101 is being developed as a treatment for PMM2-CDG, a congenital disorder with no approved therapies. The financing was led by CTI Life Sciences Fund and included contributions from established investors such as Abingworth LLP, Sanofi Ventures, and others. Data from ongoing trials show promising improvements in patient symptoms, particularly in reducing ataxia. The infusion of capital will facilitate further trial phases, with goals set for clinical advancement and potential market introduction of this first-in-class therapeutic solution. Notably, GLM101 has been granted Orphan Drug Designation in both the U.S. and the EU, highlighting the scarcity of alternative treatments for this disorder. The company also announced new appointments to its board, reflecting the growing interest and commitment from the investment community to advance treatments in the sector of rare diseases.
Sectors
- Biotechnology
- Venture Capital
- Healthcare
Geography
- United States – Glycomine, Inc. is based in San Carlos, California, and the U.S. is a primary area where the trials and development are taking place.
- Europe – The ongoing trials involve patients from Europe, indicating significant geographic engagement for the development and testing of GLM101.
Industry
- Biotechnology – The article focuses on Glycomine, a biotechnology company working on the development of therapeutic solutions for rare diseases, specifically their drug GLM101 for PMM2-CDG.
- Venture Capital – The article involves a substantial Series C funding round, highlighting investment from various venture capital firms, including Abingworth LLP, CTI Life Sciences Fund, and others.
- Healthcare – Healthcare is a core aspect due to the clinical trials and development of a new treatment for the rare disease PMM2-CDG.
Financials
- $115 million – The total amount raised in the Series C financing round to support the advancement of GLM101 clinical trials.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Glycomine, Inc. | Target Company | Company | A biotechnology company advancing treatments for rare diseases, currently focused on the development of GLM101 for PMM2-CDG. |
| CTI Life Sciences Fund | Lead Investor | Company | A venture capital firm leading the Series C financing for Glycomine, focusing on life sciences investments. |
| Abingworth LLP | Existing Investor | Company | A private equity firm specializing in life sciences investments, part of the scientific advisory participants in the investment. |
| Steve Axon | CEO, Glycomine | People | Chief Executive Officer of Glycomine, providing leadership in advancing GLM101's development. |
| Youssef Bennani, Ph.D. | Managing Partner | People | Managing Partner with CTI Ventures who expressed optimism about Glycomine's therapeutic approach and joined the Board of Directors. |
| Dominic Schmidt, Ph.D. | General Partner | People | General Partner with Advent Life Sciences who joined the Glycomine Board of Directors and noted the positive clinical progress in trials. |